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Trump set to announce tariffs on auto imports
US President Donald Trump will announce tariffs on auto imports Wednesday, the White House said, in a move set to fuel tensions with trading partners ahead of further promised levies next week.
White House Press Secretary Karoline Leavitt told reporters that Trump would unveil the "auto industry" tariffs in an address, without providing details on their extent.
Since returning to the presidency in January, Trump has already imposed tariffs on imports from major US trading partners Canada, Mexico and China -- as well as a 25% duty on steel and aluminum imports.
But he previously offered automakers temporary reprieve from the levies affecting North America.
Uncertainty over Trump's trade plans and worries they could trigger a downturn have roiled financial markets, with consumer confidence also falling in recent months amid fears of the tariffs' effects.
Shortly after Leavitt's remarks, shares in major automaker Ford slumped by 1.8% while those of General Motors dropped 1.9%.
In February, Trump said US tariffs on imported cars would be "in the neighborhood of 25%."
The Trump administration has referred to levies as a way to raise government revenue, revitalize American industry and press countries on US priorities.
But targeting imported cars could strain ties with countries like Japan, South Korea, Canada, Mexico and Germany - which are close US partners.
About 50% of cars sold in the United States are manufactured within the country. Among imports, about half come from Mexico and Canada, with Japan, South Korea and Germany, also major suppliers.
US President Donald Trump will announce tariffs on auto imports Wednesday, the White House said, in a move set to fuel tensions with trading partners ahead of further promised levies next week.
White House Press Secretary Karoline Leavitt told reporters that Trump would unveil the "auto industry" tariffs in an address, without providing details on their extent.
Since returning to the presidency in January, Trump has already imposed tariffs on imports from major US trading partners Canada, Mexico and China -- as well as a 25% duty on steel and aluminum imports.
But he previously offered automakers temporary reprieve from the levies affecting North America.
Uncertainty over Trump's trade plans and worries they could trigger a downturn have roiled financial markets, with consumer confidence also falling in recent months amid fears of the tariffs' effects.
Shortly after Leavitt's remarks, shares in major automaker Ford slumped by 1.8% while those of General Motors dropped 1.9%.
In February, Trump said US tariffs on imported cars would be "in the neighborhood of 25%."
The Trump administration has referred to levies as a way to raise government revenue, revitalize American industry and press countries on US priorities.
But targeting imported cars could strain ties with countries like Japan, South Korea, Canada, Mexico and Germany - which are close US partners.
About 50% of cars sold in the United States are manufactured within the country. Among imports, about half come from Mexico and Canada, with Japan, South Korea and Germany, also major suppliers.
